BILL NUMBER: S9878
SPONSOR: COONEY
 
TITLE OF BILL:
An act to authorize the county of Monroe to offer an optional twenty
year retirement plan to Christopher R. Fay, a captain employed by such
county
 
PURPOSE:
The purpose of this bill is to allow the county of Monroe to offer an
optional twenty-year retirement plan to Christopher R. Fay
 
SUMMARY OF PROVISIONS:
Section one authorizes Monroe County to make participation in the
optional twenty-year retirement plan as established in article 14-B of
the retirement and social security law.
Section two specifies that all costs associated with this act shall be
borne by Monroe County. Section three sets the effective date. Captain
Christopher R. Fay was hired to work in the Monroe County Jail on August
26, 1991. On May 25, 1998, he was transferred to the Road Patrol Divi-
sion. For reasons not ascribable to his own negligence, he should have
been placed into Article 14B Section 553, but retirement was never
transferred over from the jail retirement to Article 146 Section 553. In
2002 he was made aware that we were still in the jail retirement. At
that time, he was told we could not be switched over. This bill allows
Captain Fay the option to join this retirement plan to rectify this
error.
 
LEGISLATIVE HISTORY:
None.
 
FISCAL IMPLICATIONS:
If this bill is enacted during the 2024 Legislative Session, we antic-
ipate that there will be an increase of approximately $12,000 In the
annual contributions of the County of Monroe for the fiscal year ending
March 31, 2025, in future years this cost will vary as the billing rates
and salary of Christopher R. Fay change. In addition to the annual
contributions discussed above, there will be an immediate past service
cost of approximately $145,000 which will be borne by the County of
Monroe as a one-time payment. This estimate assumes that payment will be
made on February 1, 2025. If the County of Monroe elects to amortize
this cost over a five-year period, the cost for each year including
interest would be $32,300.
 
EFFECTIVE DATE:
This act shall take effect immediately.